Dominic Chappell, founder of Retail Acquisitions, knew that department store chain BHS was insolvent when he bought it for £1 from Sir Philip Green, the Pensions Regulator has said.
The pensions watchdog said he knew the business was not a going concern, and it wants to seize £9.5m from him to fund the BHS pension scheme, This is Money reported.
It said he should have paid the acquisition fee himself, instead of taking £1.5m out of BHS after the acquisition. Chappell denies the claims.
A spokesman for The Pensions Regulator said: “Our anti-avoidance action against Dominic Chappell continues. On 15 January 2018, TPR’s Determinations Panel determined that two Contribution Notices (in the total sum of circa £9.5m) be issued against Dominic Chappell. Under the Pensions Act 2004, Dominic Chappell had 28 days to refer that decision to the Upper Tribunal; he has made that reference.”